Home Ownership in Gary>Question Details

Rhonda Colqu…, Home Buyer in Chicago, IL

I can't afford down payment how can I own a home by renting to own

Asked by Rhonda Colquitt, Chicago, IL Thu Mar 28, 2013

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You have two options. One - Lease option. Second - Buying in a Rural area that is approoved for 100% financing.
0 votes Thank Flag Link Thu Mar 28, 2013
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

There is no FORM printed by anyone; there are just too many variables.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!

Good luck and May God bless
0 votes Thank Flag Link Thu Mar 28, 2013
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